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View All NewsRCM Technologies reports revenue up 89.4% in specialty healthcare segment
RCM Technologies Inc.’s (NASDAQ: RCMT) specialty healthcare segment again led growth in the second quarter with revenue in the segment rising 89.4% year over year. The Pennsauken, New Jersey-based staffing provider reported total second-quarter revenue rose 51.9% year over year while gross margin and net income improved.
Second-quarter revenue also rose in RCM’s engineering and IT segments.
| (US$ thousands) | Q2 2022 | Q2 2021 | % change |
| Revenue | $74,346 | $48,933 | 51.9% |
| Gross profit | $21,683 | $12,266 | 76.8% |
| Gross margin | 29.2% | 25.1% | |
| Net income | $6,014 | $1,256 | 378.8% |
“After considering seasonal school closures, our second quarter revenue was consistent with trends experienced in our record-setting first quarter,” CFO Kevin Miller said.
Miller also noted RCM generated operating cash flow of $18.3 million in the second quarter and $20.8 million year to date.
Revenue by segment
| (US$ thousands) | Q2 2022 | Q2 2021 | % change |
| Engineering | $20,906 | $16,934 | 23.5% |
| Specialty healthcare | $43,457 | $22,941 | 89.4% |
| IT | $9,983 | $9,058 | 10.2% |
“We anticipate we will continue to see strong results for the balance of fiscal 2022 and now intend to focus on delivering robust growth in fiscal 2023,” Miller said.
Share price and market cap
Shares in RCM Technologies were down 20.04% to $15.16 as of 1:21 p.m. Eastern time today; they were still 279.31% above their 52-week low. The company had a market cap of $192.2 million.